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So I am much closer than some of you may be with my first kid going to college next year. I did the age-based but honestly, I don’t think I would do it that way to do it again. The idea of risk tolerance going down as you get closer to college makes sense for most people. But the reality is, as you get more senior, you can actually take on a bit more risk. When I started saving 18 years ago I absolutely needed the money I put away to pay this bill someday. Now I need it but if I had to close a big gap every year I could stand to - and it is difficult looking at my 5% gain on the 529 this last year when my other managed accounts are up 18%.
My advice is this - let your risk tolerance reflect your ability to cover the downside.
Just my two cents.
I've used the age based plan for both kids and the only thing I did was drop the contribution amount since both have maintained 10%+ returns
So to throw another loop in this. Consider a Roth in your name as well (might have to do a back foot depending on income). This is where I put the bulk of my savings, I figure college expenses are a penalty free withdrawal, and if my kids don't end up going or have scholarships I can roll it back into my retirement equation. Gives a lot more flexibility for me, still have a small 529, bit roths also don't factor into the equation for fafsa and given I think that college funding will change drastically in 15 years prefer the flexibility.
$100 a month, which is at $8,275 after ~50 months and $4,025 after ~30 months. My oldest is autistic, so my goal isn't to have a huge amount it it since the future is unknown.
Not answering the question, but another general tip I saw a friend do: If you plan on more kids, you can open a 529 account now with yourself as the beneficiary and switch to your child once they are born ... more compounding that way.
E2-Beware of some difficulty allowing your kid to transfer to their kid if they don’t use it all. I ran into this problem with fidelity 529
@OP - who did you open your fund through? I'm using Fidelity and their plan is run via Mass. I live in CA, so there's no state tax benefit for me to migrate to a CA plan.
@EY1 - did you open a second fund for your 2nd child, or using one fund for both? We are expecting our 2nd in a few weeks, so I'm trying to plan accordingly.
One for each. Oldest is up 14% ytd and younger is 12%. I put the plans as 3 years difference for target so they would have some mix in investment
How much did you kick it off with to be comfortable not making a contribution?
P1, thank you. Follow up question, how much is your 529 balance and what did you save monthly?
P1 thanks for the advice. I’ll do that. Does a 80% aggressive and 20% moderate mix sound good?
BCP1 yup thanks. Using that now. Baby comes in March and just figured that out and opened it early in my name. Going to open another next summer after some of the costs of this baby (our first) settle down a bit. Thanks!
@A1, are you saying a Roth in parents and kids names?